Hyundai Motor Company has introduced Initium, a new hydrogen-powered vehicle planned for launch next year. This move is part of Hyundai's larger strategy to promote clean-burning gases. According to company statements, the Initium aims for a driving range of over 650 kilometers on a single tank, surpassing the 609 kilometers of its first hydrogen fuel SUV, Nexo. The vehicle can also connect to home electricity supplies to serve as a backup power source.
Despite the current challenges in the commercial scalability of hydrogen fuel, Hyundai is pushing forward with its carbon-free alternative fuel strategy. During its investor day in August, the company committed to investing approximately $4 billion over the next decade to develop a hydrogen-based future, aiming for net-zero emissions by 2045 and achieving carbon neutrality across all production and operational stages.
Since the launch of the Nexo in 2018, Hyundai has been a significant proponent of hydrogen fuel vehicles, while the global automotive industry has predominantly focused on battery-powered electric vehicles. Hydrogen fuel offers advantages such as faster refueling and greater driving range, but most studies suggest battery electric vehicles are the quickest and most cost-effective way to reduce passenger car emissions. Hydrogen fuel may be more suited for heavy-duty commercial vehicles.
Jim Park, the head of Hyundai's North American commercial vehicle and hydrogen business development, stated that hydrogen fuel cells play a crucial role in commercial vehicles. Compared to battery-electric vehicles, hydrogen has advantages in storage density, weight, and range.
In the first nine months of this year, hydrogen fuel vehicles accounted for less than 0.5% of Hyundai's domestic sales in South Korea, with around 2,400 units sold. In contrast, Hyundai sold 30,942 battery-powered electric vehicles in the same period. Both hydrogen and battery vehicle sales dropped by approximately 37% compared to the previous year.
